The Steyne Hotel is a high-profile pub owned by John Singleton, Mark Carnegie, Robert Whyte and Arthur Laundy. Colliers International agents Gus Moors and Steam Leung will manage the Expressions of Interest campaign for the venue.

Colliers believe that the under-utilised accommodation levels of the hotel present a unique opportunity, particularly for boutique hotel owner operator groups who are looking to make a flagship acquisition for their brand, in the tightly held Sydney hotel market.

A Development Application has been submitted to convert the first floor of the property into 42 stylish hotel rooms, many of which will have stunning views over the world-famous Manly Beach.

Certain groups would also consider converting the level two bar and function space into further hotel rooms to maximise the room inventory and capitalise on the strong demand for accommodation in the Manly area.

“As a hotel market, Manly is substantially under-supplied, with rates and occupancies rivalling that of the Sydney CBD hotels,” said Mr Gus Moors, Head of Hotels at Colliers International.

“The Steyne is already a strong cashflow business, occupying a large and irreplaceable freehold site on Manly’s beachfront, with substantial upside in the current footprint of the hotel to unlock further profitability.”

“This unique offering will appeal to a broad spectrum of offshore groups. Owner operators, High Net Worth Family Offices and even domestic funds managers representing offshore capital will be drawn by the strength of the underlying cashflow coupled with further development upside.”

Steam Leung, National Director, Asian Markets at Colliers International noted that the size of this beachfront site will be of particular appeal to Hong Kong and Chinese buyers.

“These groups take a long-term investment horizon which may see them secure the site as an income generating land bank, with the potential to explore more extensive development opportunities in the future,” said Mr Leung.

“The current owners have already commenced investigations as to how to develop the property, and this will be off great interest to many of our clients.”